A bit of a confession, I’m a Financial News junkie. Now, there are two types of news about finance. The first type you find on blogs like this one that give you tips and tricks on your life. You might see a bit of a life story thrown in, but it’s more about specific actions with either myself as the writer or you the reader providing the tips. In terms of main stream magazines, Money Magazine and Kiplingers tend to be of this type. Ironically, while I enjoy commenting on such articles and posting around this area, it’s not the area I like to sit down and read about in a passive manner.
Financial Business News and Envy
No, I tend to be the other type of financial news junkie, the one that enjoys reading stories about the founding of companies and the people that lead them. You know Financial Business News. This is more in the wheel house of say a Forbes or a Fortune magazine. I subscribe to both, though I get them both for free per the process previously described here. Anyway, I enjoy reading about how others built their businesses from scratch, and how their businesses handle adversity. What I don’t necessarily like is how I sometimes feel after reading the articles.
For example, a few months ago Forbes focused on the “Forbes 400”, the richest 400 Americans. While the stories of how they have succeeded, and failed are very interesting, after reading the stories I always feel a bit dejected. They make it sound so easy to make a billion dollars. Anyone can do it, and if you make it and then lose it all, you can just make it again with the flip of your fingers. Needless to say I’m not a billionaire and I never will be. I feel the same way when reading articles about some bloggers making 400K a year blogging, <cough> Mr Money Mustache <cough>.
That being said, I really shouldn’t be. I’m not in a race against them. If they have 100x what I have then it has no impact on where I stand in life. Thankfully for me, and the reason I still like these type of articles is this feeling is fleeting. Ultimately, I end up self reflecting, and the moment passes. I realize we each find our own path, I don’t really want the fame that goes with being a billionaire even if I could, and what I have is more then 99% of the world so I should be lucky to just have it.
Why Read Financial Business News
This brings me back to why I read these articles in the first place. It’s not to compare myself, or make myself feel dejected. No if I wanted to be depressed I’d turn on the sports news and listen to my team’s latest embarrassing loss, sigh Georgia Tech. Instead, what I’m enjoying is learning about what worked, and didn’t work for them. Seeing their mistakes, and their successes gives me ideas. Ideas for a blog post, ideas for an investment, ideas for reduction of cost, or any number of other things. There are countless posts on this blog that owe their genesis to something I’ve read, which I often times call out in the beginning of the post. Sometimes something I read even makes me think about some new business structure like robo advisors, which while I’m never going to be in the prime demographic of, I find inherently interesting.
So remember, as you read financial blogs, articles or whatever, don’t view the success or failure of the writer as something to compare yourself to, as that’s not the point. Don’t even look at their plan, and try to apply it to your life, as it likely won’t exactly fit you.
Financial Business News as an Idea Source
Instead look at both their success and failures, and see if they would lead you to do something differently in your plan. If you find one example in a hundred that might be apropos to helping you adjust your unique plan then you’ve gained from reading articles. Along the way you may also find some advantageous advice as well. That advice might be the point of an article, or it could even be something the author accidentally included. Sometimes the point of the article, or the advice in the article itself might not even be what you glean. Chances are you’ll eventually stumble on something you can use in your every day life. Do you read your financial business news? Do you have any unique sources?
Today agree! I enjoy reading stories about proles success in life and also documentaries and biographies, etc, of folks like Carnegie and old time money. While it may be detecting knowing I may not be able to accomplish what they did in life, there’s always a tip our trick I pick up to help me on my way!
The older biographies are definitely interesting. I recently completed one on Henry Flagler. Always a good source of learning some tip.
I love reading other people’s success stories. It’s very motivating to me. I subscribe to both Kiplinger’s and Money. While I don’t really take their investment advice (occasionally they list a good underpriced stock that I might look into), I just really enjoy reading about financial topics. I used to read a lot more financial magazines when I travel for work, but not as much anymore.
Thanks for sharing!
I currently have subscriptions to Forbes, Kipplinger, Fortune, Forbes, and Barons. I largely ignore investment and financial advice from these. Thanks for adding your perspective.
I read the WSJ everyday and then get Forbes sent to the house which I try to read when I get a chance. I definitely love the human element of the financial news and always try to imagine what I would do at the cross roads so many of them come to. Needless to say I find financial news more fascinating than many movies.
I previously read WSJ as well, but I found it was distracting me too much from other things. It’s not a quick read. Still if it’s available at hotel or on an airline that’s my goto. Thanks for the thoughts.
“Along the way you may also find some advantageous advice as well”
This is the main thing I try to look for. A lot of times I’ll read the MSN money section and they’ll have little articles like 10 ways to save or invest a $1,000. If I could apply a way or two, then it’s worth it! Besides it get’s me more satisfaction than seeing the top 10 places celebrities went on vacation in 2016.
I really don’t understand the obsession with celebrities. It probably doesn’t help that ever since I’ve unplugged cable I’m so far behind on shows most times I don’t know who they are. Thanks for sharing.
I’m a financial news junkie myself. I love the WSJ, Fortune and even Money magazine is a good, quick read.
It s great way to learn and stay in the know about investments and finance in general.
I like reading the stories of successful people – and not only successful financially – as inspiration. If I’ve hit a writers block, or just a I’m-feeling-like-a-lazy-bum block, a solid read about someone impressive serves as an excellent way to shake me out of it.